Market Overview

Eagle Bancorp Montana Earns $1.3 Million in the Second Quarter; Increases Regular Quarterly Cash Dividend to $0.0925 per Share and Renews Stock Repurchase Plan

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HELENA, Mont., July 24, 2018 (GLOBE NEWSWIRE) -- Eagle Bancorp Montana, Inc. (NASDAQ:EBMT), (the "Company," "Eagle"), the holding company of Opportunity Bank of Montana, today reported net income increased 132.6% to $1.3 million, or $0.24 per diluted share, in the second quarter of 2018 compared to $573,000, or $0.11 per diluted share, in the first quarter of 2018, and increased 25.0% compared to $1.1 million, or $0.27 per diluted share, in the second quarter of 2017.  Second quarter 2018 operating results were impacted by $131,000 of acquisition-related expenses, compared to $234,000 of acquisition-related expenses in the preceding quarter and no acquisition expenses in the second quarter of 2017.  In the first six months of 2018, net income increased 4.2% to $1.9 million, or $0.35 per diluted share, compared to $1.8 million, or $0.47 per diluted share, in the first six months of 2017.

Additionally, Eagle's board of directors increased its regular quarterly cash dividend to $0.0925 per share.  The dividend will be payable September 7, 2018 to shareholders of record August 17, 2018.  The current annualized yield is 1.92% based on recent market prices.

"Our expansion in our Montana markets continues to deliver strong loan growth and is supporting our strong net interest margin," stated Peter J. Johnson, President and CEO.  "Profitability in our second quarter was solid, and year-to-date earnings grew 4.2% compared to the first six months of 2017, reflecting the success of our completed acquisition with Ruby Valley Bank, as well as other growth initiatives we are implementing."

The acquisition, which was completed during the first quarter of 2018, added approximately $94 million in assets, $82 million in deposits and $55 million in gross loans and made Opportunity Bank the fifth largest Montana-based bank based on asset size. 

Second Quarter 2018 Highlights (at or for the three-month period ended June 30, 2018, except where noted)

  • Net income was $1.3 million, or $0.24 per diluted share.
  • Acquisition costs were $131,000 in the second quarter.
  • Purchase discount on loans from the Ruby Valley Bank Portfolio was $1.8 million at January 31, 2018 (the "acquisition date"), of which $1.4 million remains as of June 30, 2018.
  • The accretion of the loan purchase discount into loan interest income from the Ruby Valley Bank transaction was $425,000 in the second quarter, compared to zero in the preceding quarter.
  • Net interest margin improved 41 basis points to 4.18% in the second quarter, compared to 3.77% in the preceding quarter.
  • Revenues (net interest income before the provision for loan losses, plus non-interest income) increased 15.2% to $10.9 million, compared to $9.4 million in the second quarter a year ago.
  • Return on average assets was 0.65%.
  • Return on average equity was 5.83%.
  • Total loans increased 14.5% to $581.7 million at June 30, 2018, compared to $508.1 million a year earlier.
  • Commercial real estate loans increased 13.0% to $216.3 million at June 30, 2018, compared to $191.4 million a year earlier.
  • Total deposits increased 19.2% to $613.2 million, compared to $514.3 million a year ago.
  • Capital ratios remain well capitalized with a tangible common shareholders' equity ratio of 9.59% at June 30, 2018.
  • Declared quarterly cash dividend of $0.0925 per share.

Balance Sheet Results

Total assets increased 16.4% to $826.8 million at June 30, 2018, compared to $710.2 million a year ago, in large part due to the Ruby Valley Bank acquisition.  At March 31, 2018, total assets were $815.9 million.

"Loan production continues to grow at a healthy pace, increasing 2.6% in the second quarter, or 10.4%, on an annualized basis," said Johnson.  Total loans increased 14.5% to $581.7 million at June 30, 2018, compared to $508.1 million a year earlier and increased 2.6% compared to $567.0 million three months earlier.

Eagle originated $84.0 million in new residential mortgages during the quarter, excluding construction loans, and sold $73.6 million in residential mortgages, with an average gross margin on sale of mortgage loans of approximately 2.3%.  This production compares to residential mortgage originations of $50.9 million in the preceding quarter with sales of $49.0 million.

Commercial real estate loans increased 13.0% to $216.3 million at June 30, 2018, compared to $191.4 million a year earlier.  Residential mortgage loans increased modestly to $112.3 million, compared to $110.9 million a year earlier.  Commercial loans increased 25.3% to $70.0 million, home equity loans increased 7.9% to $53.2 million, residential construction loans increased 5.3% to $31.0 million and construction and development loans decreased 18.3% to $36.6 million, compared to a year ago.  Loans related to agriculture increased as a result of the acquisition.

Total deposits were $613.2 million at June 30, 2018, a 2.0% decrease compared to $625.9 million at March 31, 2018, and a 19.2% increase compared to $514.3 million a year ago.  At June 30, 2018, checking and money market accounts represent 55.7%, savings accounts represent 17.7%, and CDs comprise 26.6% of the total deposit portfolio.

Shareholders' equity increased modestly to $91.8 million at March 31, 2018, compared to $90.9 million three months earlier and increased 47.8% compared to $62.1 million one year earlier.  Tangible book value was $14.28 per share at June 30, 2018, compared to $14.09 per share at March 31, 2018, and $14.37 per share a year earlier. 

Operating Results

"Our net interest margin increased 41 basis points compared to the preceding quarter and 52 basis points compared to the second quarter a year ago, in part due to rising interest rates which produced higher yields on loans," said Johnson.  "In addition, the interest accretion on purchased loans totaled $425,000 and resulted in a 23 basis point increase in the NIM during the second quarter, compared to no interest accretion in the preceding quarter."  Eagle's net interest margin was 4.18% in the second quarter, compared to 3.77% in the preceding quarter, and 3.66% in the second quarter a year ago.  In the first six months of 2018, Eagle's net interest margin was 3.91% compared to 3.66% in the first six months a year ago.  The investment securities portfolio increased to $154.3 million at June 30, 2018, compared to $123.2 million a year ago, which increased the average yields on earning assets to 4.52% from 4.27% a year ago. 

Fueled by solid loan growth and expanding yields on portfolio loans, Eagle's second quarter revenues increased 14.3% to $10.9 million, compared to $9.5 million in the preceding quarter and increased 15.2% when compared to $9.4 million in the second quarter a year ago.  Year-to-date, revenues increased 12.5% to $20.4 million, compared to $18.1 million in the first six months of 2017.  Net interest income before the provision for loan loss increased 14.1% to $7.8 million in the second quarter compared to $6.8 million in the preceding quarter, and increased 32.8% compared to $5.9 million in the second quarter a year ago.  In the first six months of 2018, net interest income increased 29.0% to $14.7 million, compared to $11.4 million in the first six months of 2017.

With solid gains from loan sales, noninterest income increased 15.1% to $3.1 million in the second quarter, compared to $2.7 million in the preceding quarter, but decreased 13.6% compared to $3.6 million in the second quarter a year ago, when residential mortgage loan originations were very robust.  The net gain on sale of mortgage loans totaled $1.7 million in the second quarter, compared to $1.4 million in the preceding quarter and $2.3 million in the second quarter a year ago.  Year-to-date, noninterest income was $5.8 million, compared to $6.8 million in the first six months of 2017.

Second quarter noninterest expenses were $9.2 million compared to $8.3 million in the preceding quarter and $7.6 million in the second quarter a year ago.  Acquisition costs totaled $131,000 for the current quarter, compared to $234,000 for the preceding quarter.  There were no acquisition costs in the second quarter one year ago.  In the first six months of the year, noninterest expenses totaled $17.6 million, compared to $15.1 million in the first six months of 2017.

For the second quarter of 2018, Eagle recorded $293,000 in income tax expense for an effective tax rate of 18.0%, reflecting the new lower corporate tax rates. 

Credit Quality

Asset quality continues to improve with lower balances of nonperforming assets and gradual increase in reserves.  The allowance for loan losses represented 370.7% of nonaccrual loans at June 30, 2018, compared to 352.3% three months earlier and 309.2% a year earlier.  The second quarter provision for loan losses was $24,000, compared to $502,000 in the preceding quarter and $302,000 in the second quarter a year ago. 

Total OREO and other repossessed assets decreased to $457,000 at June 30, 2018, compared to $639,000 at March 31, 2018 and $493,000 a year ago.  Nonperforming assets (NPAs), consisting of nonaccrual loans, OREO and other repossessed assets, loans delinquent 90 days or more, and restructured loans, decreased to $2.1 million at June 30, 2018 or 0.26% of total assets, compared to $2.4 million, or 0.29% of total assets three months earlier and $2.2 million, or 0.31% of total assets a year earlier. 

Nonperforming loans (NPLs) were $1.7 million at June 30, 2018, which was unchanged from both three months earlier and a year earlier. 

Net charge-offs were $4,000 in the second quarter, compared to $122,000 in the preceding quarter and $152,000 in the second quarter a year ago.  The allowance for loan losses was $6.2 million, or 1.06% of total loans at June 30, 2018, compared to $6.1 million, or 1.08% of total loans at March 31, 2018 and $5.2 million, or 1.03% of total loans a year ago.

Capital Management

Eagle Bancorp Montana continues to be well capitalized with the ratio of tangible common shareholders' equity to tangible asset of 9.59% at June 30, 2018.  (Shareholders' equity, less goodwill and core deposit intangible to tangible assets).

"Our ongoing ability to access the capital markets on favorable terms is one of the primary strengths of our franchise," said Johnson.  On October 13, 2017, Eagle successfully completed a public offering of its common stock, and issued 1,189,041 shares and received approximately $20.1 million in net cash proceeds.

Stock Repurchase

Eagle announced that its Board of Directors has authorized the repurchase of up to 100,000 shares of its common stock, representing approximately 1.8% of outstanding shares. Under the plan, shares may be purchased by the company on the open market or in privately negotiated transactions. The extent to which the company repurchases its shares and the timing of such repurchase will depend upon market conditions and other corporate considerations.

About the Company

Eagle Bancorp Montana, Inc. is a bank holding company headquartered in Helena, Montana and is the holding company of Opportunity Bank, a community bank established in 1922 that serves consumers and small businesses in Montana through 17 banking offices. Additional information is available on the bank's website at www.opportunitybank.com.  The shares of Eagle Bancorp Montana, Inc. are traded on the Nasdaq Global Market under the symbol "EBMT."

Forward Looking Statements

This release may contain certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and may be identified by the use of such words as "believe," "will"' "expect," "anticipate," "should," "planned," "estimated," and "potential." These forward-looking statements include, but are not limited to statements of our goals, intentions and expectations; statements regarding our business plans, prospects, merger with Ruby Valley Bank, growth and operating strategies; statements regarding the asset quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits. These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. These factors include, but are not limited to, changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements; general economic conditions, either nationally or in our market areas, that are worse than expected; competition among depository and other financial institutions; loan demand or residential and commercial real estate values in Montana; our ability to continue to  increase and manage our commercial real estate, commercial business and agricultural loans; inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments; adverse changes in the securities markets; other economic, governmental, competitive, regulatory and technological factors that may affect our operations; the effect of our acquisition of Ruby Valley Bank including the failure to achieve expected revenue growth and/or expense savings, the failure to effectively integrate their operations and the diversion of management time on issues related to the integration. Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. All information set forth in this press release is current as of the date of this release and the company undertakes no duty or obligation to update this information.

                 
Balance Sheet                
(Dollars in thousands, except per share data)     (Unaudited) (Unaudited) (Unaudited)  
            June 30, March 31, June 30,  
              2018     2018     2017    
                   
Assets:                
  Cash and due from banks       $   7,583   $   7,679   $   7,244    
  Interest bearing deposits in banks           1,397       1,641       1,797    
  Federal funds sold             -        3,591       -     
                    Total cash and cash equivalents       8,980       12,911       9,041    
  Securities available-for-sale, at market value         154,265       158,417       123,191    
  FHLB stock             4,559       3,704       4,841    
  FRB stock             2,019       2,019       871    
  Investment in Eagle Bancorp Statutory Trust I         155       155       155    
  Loans held-for-sale             11,700       8,979       16,206    
  Loans:                
    Real Estate loans:                
    Residential 1-4 family           112,314       112,891       110,906    
    Residential 1-4 family construction         31,009       26,608       29,440    
    Commercial real estate           216,264       215,208       191,427    
    Commercial construction and development         36,581       32,308       44,776    
    Farmland             28,680       25,399       9,802    
    Other loans:                
    Home equity             53,178       52,028       49,266    
    Consumer             16,635       17,252       15,293    
    Commercial             69,951       69,538       55,836    
    Agricultural             18,145       16,758       2,394    
    Unearned loan fees           (1,029 )     (1,008 )     (1,008 )  
                   Total loans           581,728       566,982       508,132    
  Allowance for loan losses           (6,150 )     (6,130 )     (5,225 )  
                   Net loans           575,578       560,852       502,907    
  Accrued interest and dividends receivable         3,668       3,212       2,174    
  Mortgage servicing rights, net           6,716       6,613       6,127    
  Premises and equipment, net           27,969       27,364       20,040    
  Cash surrender value of life insurance         14,670       14,575       14,289    
  Real estate and other repossessed assets acquired in           
  settlement of loans, net           457       639       493    
  Goodwill             12,124       12,124       7,034    
  Core deposit intangible           1,702       1,859       328    
  Deferred tax asset, net           2,012       2,040       1,132    
  Other assets             253       472       1,385    
                   Total assets       $   826,827   $   815,935   $   710,214    
                   
Liabilities:                
  Deposit accounts:                
  Noninterest bearing             133,736       133,933       91,811    
  Interest bearing             479,439       492,002       422,454    
                   Total deposits         613,175       625,935       514,265    
  Accrued expense and other liabilities         5,535       4,697       4,867    
  FHLB advances and other borrowings         91,469       69,528       104,182    
  Other long-term debt, net           24,843       24,827       24,778    
                   Total liabilities         735,022       724,987       648,092    
                   
Shareholders' Equity:                
  Preferred stock (par value $0.01 per share; 1,000,000 shares        
  authorized; no shares issued or outstanding)         -        -        -     
  Common stock (par value  $0.01; 8,000,000 shares authorized;         
  5,718,942, 5,718,942  and 4,083,127 shares issued; 5,460,452,         
  5,460,452 and 3,811,409 shares outstanding at June 30, 2018,        
  March 31, 2018 and June 30, 2017, respectively)       57       57       41    
  Additional paid-in capital           51,890       51,849       22,444    
  Unallocated common stock held by Employee Stock Ownership Plan     (559 )     (601 )     (725 )  
  Treasury stock, at cost (258,490, 258,490 and 271,718 shares at         
  June 30, 2018, March 31, 2018 and June 30, 2018, respectively)     (2,826 )     (2,826 )     (2,971 )  
  Retained earnings             44,862       44,020       42,460    
  Accumulated other comprehensive (loss) income       (1,619 )     (1,551 )     873    
                   Total shareholders' equity        91,805       90,948       62,122    
                   Total liabilities and shareholders' equity   $   826,827   $   815,935   $   710,214    
                   

 

               
Income Statement       (Unaudited)     (Unaudited)
(Dollars in thousands, except per share data)     Three Months Ended   Six Months Ended
              June 30, March 31, June 30,   June 30,
                2018     2018     2017       2018     2017  
Interest and dividend Income:                
  Interest and fees on loans     $   7,862   $   6,872   $   6,174     $   14,734   $   11,744  
  Securities available-for-sale         1,021       989       714         2,010       1,443  
  FRB and FHLB dividends         74       79       36         153       76  
  Interest on deposits in banks         18       17       1         35       1  
  Other interest income         1       -        -         1       1  
    Total interest and dividend income         8,976       7,957       6,925         16,933       13,265  
Interest Expense:                  
  Interest expense on deposits         494       426       376         920       756  
  FHLB advances and other borrowings         315       337       322         652       527  
  Other long-term debt         357       347       347         704       619  
    Total interest expense         1,166       1,110       1,045         2,276       1,902  
Net interest income           7,810       6,847       5,880         14,657       11,363  
Loan loss provision       24       502       302         526       603  
  Net interest income after loan loss provision       7,786       6,345       5,578         14,131       10,760  
             
Noninterest income:              
  Service charges on deposit accounts       214       226       239         440       471  
  Net gain on sale of loans       1,720       1,439       2,263         3,159       4,088  
  Mortgage loan servicing fees       563       560       509         1,123       1,056  
  Wealth management income         147       132       180         279       321  
  Interchange and ATM fees         271       225       228         496       434  
  Appreciation in cash surrender value of life insurance       146       124       126         270       250  
  Net gain (loss) on sale of available-for-sale securities       15       (105 )     (14 )       (90 )     (14 )
  Net loss on sale of real estate owned and other repossessed property       (32 )     (25 )     (24 )       (57 )     (25 )
  Other noninterest income       40       103       63         143       197  
  Total noninterest income       3,084       2,679       3,570         5,763       6,778  
             
Noninterest expense:              
  Salaries and employee benefits        5,461       4,909       4,586         10,370       9,019  
  Occupancy and equipment expense       835       828       672         1,663       1,389  
  Data processing       673       637       566         1,310       1,133  
  Advertising       298       278       269         576       458  
  Amortization of mortgage servicing fees       369       241       262         610       524  
  Amortization of core deposit intangible and tax credits       235       102       107         337       214  
  Loan costs       179       136       134         315       299  
  Federal insurance premiums       69       69       36         138       120  
  Postage       84       50       51         134       99  
  Legal, accounting and examination fees       184       142       200         326       285  
  Consulting fees       25       17       59         42       108  
  Acquisition costs       131       234       -         365       -  
  Write-down on real estate owned and other repossessed property       -        -        9         -        45  
  Other noninterest expense       701       681       669         1,382       1,366  
  Total noninterest expense       9,244       8,324       7,620         17,568       15,059  
             
Income before income taxes          1,626       700       1,528         2,326       2,479  
Income tax expense           293       127       462         420       650  
Net income         $   1,333   $   573   $   1,066     $   1,906   $   1,829  
             
Basic earnings per share     $   0.24   $   0.11   $   0.28     $   0.35   $   0.48  
Diluted earnings per share     $   0.24   $   0.11   $   0.27     $   0.35   $   0.47  
Weighted average shares              
  outstanding (basic EPS)       5,460,452       5,311,527       3,811,409         5,386,401       3,811,409  
Weighted average shares              
  outstanding (diluted EPS)       5,524,912       5,375,987       3,869,885         5,450,861       3,872,765  
       

 

   
ADDITIONAL FINANCIAL INFORMATION Three Months Ended  
(Dollars in thousands, except per share data)(Unaudited)     June 30, March 31, June 30,  
          2018       2018       2017    
Performance Ratios (for the Quarter):        
     Return on average assets   0.65 %   0.28 %   0.61 %  
     Return on average equity   5.83 %   2.58 %   6.97 %  
     Net interest margin***   4.18 %   3.77 %   3.66 %  
     Efficiency ratio*     82.70 %   86.31 %   79.50 %  
             
Performance Ratios (Year-to-date):        
     Return on average assets   0.46 %   0.28 %   0.54 %  
     Return on average equity   4.94 %   2.58 %   6.10 %  
     Net interest margin***   3.91 %   3.77 %   3.66 %  
     Efficiency ratio*     84.38 %   86.31 %   81.83 %  
             
Asset Quality Ratios and Data: As of or for the Three Months Ended  
      June 30, March 31, June 30,  
          2018       2018       2017    
             
 Nonaccrual loans   $   1,500   $   1,740   $   1,611    
     Loans 90 days past due and still accruing     159       -       79    
     Restructured loans, net     -       -       -    
                                     Total nonperforming loans     1,659       1,740       1,690    
     Other real estate owned and other repossessed assets     457       639       493    
                                     Total nonperforming assets $   2,116   $   2,379   $   2,183    
             
     Nonperforming loans / portfolio loans   0.29 %   0.31 %   0.33 %  
     Nonperforming assets / assets   0.26 %   0.29 %   0.31 %  
     Allowance for loan losses / portfolio loans   1.06 %   1.08 %   1.03 %  
     Allowance / nonperforming loans   370.71 %   352.30 %   309.17 %  
     Gross loan charge-offs for the quarter $   24   $   130   $   189    
     Gross loan recoveries for the quarter $   20   $   8   $   37    
     Net loan charge-offs for the quarter $   4   $   122   $   152    
             
Capital Data (At quarter end):        
     Tangible book value per share $   14.28   $   14.09   $   14.37    
     Shares outstanding   5,460,452     5,460,452     3,811,409    
     Tangible common equity to tangible assets   9.59 %   9.60 %   7.79 %  
             
Other Information:          
     Average total assets for the quarter $   823,916   $   816,688   $   700,682    
     Average total assets year to date $   835,643   $   816,688   $   682,486    
     Average earning assets for the quarter $   749,725   $   736,002   $   644,885    
     Average earning assets year to date $   755,885   $   736,002   $   626,791    
     Average loans for the quarter ** $   585,366   $   573,015   $   512,138    
     Average loans year to date ** $   579,191   $   573,015   $   493,393    
     Average equity for the quarter $   91,462   $   88,677   $   61,134    
     Average equity year to date $   77,170   $   88,677   $   59,959    
     Average deposits for the quarter $   623,285   $   605,572   $   512,736    
     Average deposits year to date $   614,300   $   605,572   $   515,054    
             
* The efficiency ratio is a non-GAAP ratio that is calculated by dividing non-interest expense, exclusive of   
intangible asset amortization, by the sum of net interest income and non-interest income.     
** includes loans held for sale        
***Based on actual days. Previously calculated on a 360 day basis.        
             

Use of Non-GAAP Financial Measures

In addition to results presented in accordance with generally accepted accounting principles utilized in the United States, or GAAP, the Financial Ratios and Other Data contains our efficiency ratio and tangible book value per share, which are non-GAAP financial measures.  The numerator for the efficiency ratio is calculated by subtracting intangible asset amortization from noninterest expense. Tangible assets and tangible common shareholders' equity are calculated by excluding intangible assets from assets and shareholders' equity, respectively. For these financial measures, our intangible assets consist of goodwill and core deposit intangible. Tangible book value per share is calculated by dividing tangible common shareholders' equity by the number of common shares outstanding.  We believe that this measure is consistent with the capital treatment by our bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios, and present this measure to facilitate the comparison of the quality and composition of our capital over time and in comparison to our competitors.

Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited.  Further, the non-GAAP financial measure of tangible book value per share should not be considered in isolation or as a substitute for book value per share or total shareholders' equity determined in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies.  Reconciliation of the GAAP and non-GAAP financial measures are presented below.

 
Efficiency Ratio     (Unaudited)     (Unaudited)  
(Dollars in thousands, except per share data) Three Months Ended   Year Ended  
          June 30, March 31, June 30,   June 30,  
              2018       2018       2017       2018     2017    
Calculation of Efficiency Ratio:              
  Noninterest expense $   9,244   $   8,324   $   7,620     $   17,568   $   15,059    
  Intangible asset amortization     (235 )     (102 )     (107 )       (337 )     (214 )  
    Efficiency ratio numerator     9,009       8,222       7,513         17,231       14,845    
                       
  Net interest income     7,810       6,847       5,880         14,657       11,363    
  Noninterest income     3,084       2,679       3,570         5,763       6,778    
    Efficiency ratio denominator     10,894       9,526       9,450         20,420       18,141    
                       
  Efficiency ratio      82.70 %   86.31 %   79.50 %     84.38 %   81.83 %  
                       

 

   
Tangible Book Value and Tangible Assets   (Unaudited)          
(Dollars in thousands, except per share data)   June 30, March 31, June 30,          
                2018       2018       2017            
Tangible Book Value:                      
  Shareholders' equity     $   91,805   $   90,948   $   62,122            
  Goodwill and core deposit intangible, net       (13,826 )     (13,983 )     (7,362 )          
    Tangible common shareholders' equity   $   77,979   $   76,965   $   54,760            
                           
  Common shares outstanding at end of period       5,460,452       5,460,452       3,811,409            
                           
  Common shareholders' equity (book value) per share (GAAP) $   16.81   $   16.66   $   16.30            
                           
  Tangible common shareholders' equity (tangible book value)                 
    per share (non-GAAP)     $   14.28   $   14.09   $   14.37            
                           
Tangible Assets:                      
  Total assets       $   826,827   $   815,935   $   710,214            
  Goodwill and core deposit intangible, net       (13,826 )     (13,983 )     (7,362 )          
    Tangible assets (non-GAAP)   $   813,001   $   801,952   $   702,852            
                           
  Tangible common shareholders' equity to tangible assets                
    (non-GAAP)         9.59 %   9.60 %   7.79 %          
                           

 

Contacts:         Peter J. Johnson, President and CEO
                        (406) 457-4006
                        Laura F. Clark, EVP and CFO
                        (406) 457-4007

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